May 17, 2022 03:08 PM EDT
In order for novice traders of financial markets to have the opportunity to smoothly integrate into the dynamic life of exchanges, many trading platforms offer a kind of "sandbox". It can take different forms:
demo account in which the trader has the opportunity to test strategies for virtual money
micro accounts that allow traders to visually enlarge an insignificant deposit due to the fact that the money supply is presented in cents or other small coins
If you think that the micro accounts are useful only for beginners who may not be able to cope with the fast dynamics of changing quotes on trading platforms, then this is not so. Professionalism grows out of these cent accounts. And every time a professional trader needs to work out new strategies, he returns to these micro (cent) accounts, because they allow to:
Make a small deposit, which will be presented in cents. Different platforms set the lower deposit threshold according to their vision of an effective starting sum of money. It can be $1, $100, $200, etc. No commission is charged on such deposits.
Use extended quotes due to the fact that the deposit is calculated in cents. They show 5 digits after the decimal point
Place micro lots, which will not allow traders to lose big money in case of mistakes
Use all the functionality of the trading platform that is applicable to standard accounts
There are opportunities to learn trading and study the functionality of trading platforms without investing your money at all. Demo trading platform allows traders not to worry about the loss of their own funds, since it is offered to trade on virtual money.
Demo account can be opened completely free of charge
At the same time, its functionality is fully consistent with a real account
The trading platform allows you to use it to trade all the offered assets
Moreover, thanks to the demo account, you can try all the tariff plans offered by the platform and choose the one that suits you best
On a demo account, you can learn the basics of trading, work out different strategies, and choose the right asset for your future investments
In order not to be disappointed in trading and losing money in the early stages of your career, start with a demo or micro account. They will help clarify your knowledge and make sure that strategies are effective, which will subsequently bring you real and meaningful profits.
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If you think that the micro accounts are useful only for beginners who may not be able to cope with the fast dynamics of changing quotes on trading platforms, then this is not so. Professionalism grows out of these cent accounts.